ASIC Corporations (Euroclear Materiality Declaration and Exemption) Instrument 2026/404

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Legislation au F2026N00358 In force Notifiable Instrument

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ASIC Corporations (Euroclear Materiality Declaration and Exemption) Instrument 2026/404

I, Calissa Aldridge, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

 

Date 25 May 2026

 

 

 

Calissa Aldridge

 

 

 

 

 

 

Contents

Part 1—Preliminary 3

1 Name of notifiable instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Definitions...................................................3

Part 2—Declaration 4

5 Materiality declaration under subsection 820D(2) of the Act............4

Part 3—Exemption 5

6 Australian CS facility licence exemption............................5

Part 4—Repeal 6

7 Repeal of exemption where licence application lodged within 12 months..6

8 Repeal of exemption where licence application not lodged within 12 months6

Part 1—Preliminary

1 Name of notifiable instrument

This is the ASIC Corporations (Euroclear Materiality Declaration and Exemption) Instrument 2026/404.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note 1: The register may be accessed at www.legislation.gov.au.

Note 2: In addition to registering this instrument, ASIC will give this instrument to Euroclear in accordance with subsection 820D(2) of the Act.

3 Authority

This instrument is made under subsections 820C(1) and 820D(2) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

CSDR means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012.

Euroclear means Euroclear Bank S.A./N.V.

Euroclear Australian Facility means the clearing and settlement facility operated by Euroclear that comprises the Euroclear Facility to the extent that it provides services in respect of Relevant Australian Financial Products.

Euroclear Facility means the clearing and settlement facility that Euroclear is authorised by the NBB to operate under the CSDR in Belgium.

NBB means the National Bank of Belgium.

Relevant Australian Financial Products means Australian dollar denominated financial products issued through the licensed CS facility operated by Austraclear Limited or the licensed CS facility operated by ASX Settlement Pty Limited.

Part 2—Declaration

5 Materiality declaration under subsection 820D(2) of the Act

The Euroclear Australian Facility has a material connection with this jurisdiction.


Part 3—Exemption

6 Australian CS facility licence exemption

Euroclear does not have to comply with subsection 820A(1) of the Act in relation to the operation of the Euroclear Australian Facility.

Part 4—Repeal

7 Repeal of exemption where licence application lodged within 12 months

(1) This section applies if, within 12 months after the day this instrument commences, Euroclear lodges an application for an Australian CS facility licence authorising Euroclear to operate the Euroclear Australian Facility.

(2) Part 3 of this instrument is repealed at the end of:

(a)  if ASIC notifies Euroclear in writing that ASIC refuses to receive the application under subsection 1274(8) of the Act—the day that is 18 months after the day this instrument commences; and

(b) if Euroclear withdraws the application—the later of the day on which the application is withdrawn and the day that is 18 months after the day this instrument commences; and

(c) if ASIC refuses to grant Euroclear a licence authorising Euroclear to operate the Euroclear Australian Facility—the later of the day on which ASIC gives Euroclear notice in writing of the refusal and the day that is 18 months after the day this instrument commences; and

(d)  if ASIC grants Euroclear a licence authorising Euroclear to operate the Euroclear Australian Facility—the day on which ASIC grants the licence.

8 Repeal of exemption where licence application not lodged within 12 months

If section 7 does not apply, Part 3 of this instrument is repealed at the end of the day that is 18 months after the day this instrument commences.

 

Overview

The ASIC Corporations (Euroclear Materiality Declaration and Exemption) Instrument 2026/404, enacted on 25 May 2026, addresses the need for specific regulatory measures concerning the operations of Euroclear, a central securities depository, in Australia. This instrument was created under the authority of subsections 820C(1) and 820D(2) of the Corporations Act 2001 by Calissa Aldridge, a delegate of the Australian Securities and Investments Commission (ASIC). The primary objective of this notifiable instrument is to facilitate the operations of Euroclear's Australian facility by providing a temporary exemption from certain licensing requirements, while also ensuring compliance with Australian securities laws through the declaration of materiality and the eventual requirement for a licence if Euroclear decides to continue operations in Australia.

Scope and Application

The ASIC Corporations (Euroclear Materiality Declaration and Exemption) Instrument 2026/404 is a regulatory instrument made under the authority of the Corporations Act 2001, specifically sections 820C(1) and 820D(2). This instrument applies to Euroclear Bank S.A./N.V., focusing on its Australian operations, namely the Euroclear Australian Facility, which provides clearing and settlement services for Australian dollar denominated financial products. The instrument acknowledges a material connection of the Euroclear Australian Facility with the jurisdiction and exempts Euroclear from certain licensing requirements under the Act concerning the operation of this facility. The exemption, however, is conditional on the lodging of an application for an Australian Central Securities Depository (CSD) facility licence within 12 months of the instrument's commencement. If such an application is not lodged within this timeframe, or if it is refused or withdrawn, the exemption ceases after 18 months from the instrument's commencement. The instrument is applicable within Australia, and its provisions are subject to change based on the outcomes of any licence application process by Euroclear.

Key Provisions

The ASIC Corporations (Euroclear Materiality Declaration and Exemption) Instrument 2026/404I outlines the obligations and exemptions applicable to the operation of the Euroclear Australian Facility by Euroclear Bank S.A./N.V. The materiality declaration under section 5 asserts that the Euroclear Australian Facility has a material connection with Australia. This is a key provision as it underpins the necessity for certain regulatory considerations within the Australian jurisdiction. Section 6 provides an exemption to Euroclear, permitting it to operate the Euroclear Australian Facility without needing to comply with subsection 820A(1) of the Corporations Act 2001. This exemption is conditional and subject to specific timelines and conditions detailed in sections 7 and 8. The obligations imposed by this instrument are primarily directed towards Euroclear, requiring it to adhere to the materiality declaration and to engage in specific actions related to the application for an Australian CS facility licence. If Euroclear lodges an application for a licence within 12 months of the instrument's commencement, certain conditions regarding the exemption's repeal are set out in section 7. If no application is lodged within this period, the exemption is repealed as per section 8, 18 months after the instrument's commencement. These obligations are designed to ensure that Euroclear operates within the regulatory framework applicable to Australian financial products. Failure to comply with the provisions of this instrument could result in significant consequences. Although specific penalties are not outlined in the text provided, breaches of the Corporations Act 2001, which this instrument is made under, can lead to both civil and criminal penalties. Civil penalties may include fines, while criminal penalties can encompass imprisonment, reflecting the seriousness with which non-compliance is treated. The exact penalties would be determined by the courts, taking into account the nature and extent of the breach.

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Corporate Law & Governance
Instrument
Notifiable instrument
Concepts
Definitions & Interpretation
Commencement Provisions
Repeal & Amendment
Licensing & Registration

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.